CRODEX Introduces Another Utility For NFTs On Cronos — Reward Boosting
Crodex NFT Staking Service has been in use for several weeks by now and thousands of investors have been enjoying the passive income their NFTs bring them. That journey started with CRXILLIONs leading the way -the original NFT collection of CRODEX- and continue with several NFT projects joining forces with the CRX Metaverse Hub.
Now, this additional utility brings another dimension to how you can strategize your investments and CRXILLIONs will pioneer again. You can stake your CRXILLIONs to boost your regular staking rewards in booster-enabled pools. Unlike NFT Staking, you will not be getting rewards by staking NFTs, although that function will remain active, of course. Instead, now you can also deposit your assets into a Liquidity Provider or Single Stake reward pool, as well to earn extra rewards in proportion to the number of NFTs you provided.
The base rewards of a booster-enabled pool remain unaffected by NFTs, since the extra rewards are supplied separately from the base rewards. That is, you will continue enjoying your entire share of rewards even if you didn’t stake any booster NFTs. But of course, boosting these rewards has now become a very attractive option.
The maximum number of boosters allowed per wallet and how much each NFT boosts the rewards are re-adjusted and set at the start of a round for each individual pool. Learn more about the Liquidity Reward rounds here.
How does CRX Metaverse Hub integration with Liquidity Mining work
Let’s say a booster-enabled pool rewards 200 CRX and has two stakers participating on it. If the two investors stake the same amount of assets into the pool at the same time, with only one of them staking 3 NFTs (each boosting for an additional 2% yield), then one of them gets 100 CRX and the other one gets 106 CRX.
In order to prevent abusers from manipulating the boost rewards while maintaining a fair reward distribution mechanism as explained above, there are certain rules imposed to successfully stake boosters:
- You can only stake NFTs if you currently have no deposits and rewards to withdraw from the pool.
- You can deposit/withdraw all your NFTs at once and not one-by-one.
- You can withdraw your NFTs and leave your assets inside the pool to keep earning base rewards; but you will be (automatically) claiming your currently boosted rewards before the withdrawal.
- You can withdraw your deposits and claim your rewards any time, regardless of whether you staked booster NFTs or not.
A typical workflow to fully enjoy a booster-enabled reward pool on CRODEX:
1) Buy Crxillion NFT(s) from a marketplace such as Ebisu’s Bay.
2) Approve and stake the NFTs you choose to stake.
3) Approve and deposit the type of asset the reward pool accepts.
4) Check back to claim your boosted earnings and withdraw your assets at the end of the round. (You could do so earlier, or later; but it would arguably be sub-optimal)
About Crodex
Crodex is a decentralized exchange (DEX), providing liquidity and enabling peer-to-peer transactions on Cronos.
Crodex works with the same automated market-making (AMM) model as Uniswap which is a game changing tech. Automated market makers allow digital assets to be traded without permission and automatically by using liquidity pools instead of a traditional market of buyers and sellers.
